By Lucky Singh, MiF Recruitment Manager
Are you wondering if you’re eligible for a GMAT/GRE waiver for your Masters in Finance (MiF) application? Read our new guidelines below. If you have any questions after reading through, please get in touch with our Recruitment team.
The GMAT and GRE are one of the ways the Admissions Committee can assess whether you have the ability to do well on an intensive Masters programme.
It is important to note that for the MiF programmes, test scores are only one factor in the overall evaluation of your application – strong scores do not guarantee you a place, and weaker scores don’t rule you out, especially if there are other strengths in your application, for example your previous grades or a professional qualification like the CFA.
The Admissions Committee has no preference for GMAT or GRE. The choice of test is up to you. We accept the online versions of the tests too.
What is a good score?
For GMAT, if your total score is below 600 we generally encourage you to re-sit the test. A score in the range 600 – 650 is fine if you have significant strengths elsewhere. A score of 650 or above will strengthen your application, and a score of 700 and above will strengthen it even further.
For GRE, we suggest you should be aiming for a quantitative score of 165 and a verbal score of 155.
You can apply to the MiF programme before taking a GMAT or GRE test.
Click here to register for the GRE.
Information on GMAT/GRE waivers for the MiF
We grant waivers for GMAT/GRE to some of our applicants. To qualify, candidates will need to exhibit previous academic excellence. GMAT/GRE waiver decisions are made at the discretion of the MiF Admissions Committee.
A GMAT/GRE waiver will be granted automatically to all candidates who have passed CFA Level II at the time of application. You just need to state you have passed this in your application.
When the Admissions Committee are considering whether or not to grant a waiver, they will be looking for strong grades in quantitative subjects in previous university studies at a top university, and outstanding professional experience in finance. In addition, professional qualifications (e.g. CFA I or an accounting qualification) will add weight to the case for a test waiver.
It is important to note that having insufficient time to prepare for GMAT/GRE (for example, due to work commitments) is not one of the grounds on which a waiver will be granted.
So what does this mean in practice?
You are welcome to submit your application without a test score. After reviewing your complete application we will advise you that:
we have decided to waive the GMAT/GRE requirement, OR
2) we have decided to move forward to interview, but our offer may still be conditional on a strong GMAT/GRE score, OR
3) we have decided to wait for a test score before making a decision to call you for interview, OR
4) we have decided not to consider you for this intake.
In all cases the Admissions Committee reserves the right to require a strong score in GMAT or GRE before confirming a place on the programme.
The earlier you apply, the more time we will be able to give you to take the test, if we make a conditional offer. Conversely, if you apply very late in the cycle, you will have a shorter time frame to meet the test requirement of a conditional offer, and it will be unlikely that you will be given the option to re-sit if your first test sitting does not go well.
Can I ask for a waiver before I apply?
We encourage you to do this. As a first step, you should submit your profile for review. If we believe the programme is a good fit for you, we can then discuss your test options with you. At this point we will ask for a copy (in English) of the transcripts from your previous studies.
How do I apply for a waiver when I submit my application?
All applications submitted without a GMAT/GRE score or without a waiver already granted, will be automatically considered for a waiver. There is a question in the application form where you can make the case for a waiver.
Begin your application for the MiF Full-time or MiF Part-time programme today. If you have any questions, please get in touch with our Recruitment team.